How I Price My Candles & Determine Shipping Costs (My Experience So Far) + How I Bookkeep!
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- Опубліковано 5 жов 2024
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My formula is simple : cost of product x 3 +10% - Ideal price to sell your items..if its too high, low it a lil bit...dont worry about people not buying, the right one will buy and they are the one thats gonna appreciate you,not the cheapskate who r only looking for a cheap product..thats how i make about 75% profit and roll the money back into my business.. And also determine how much you need to sell per month to cover all expenses ..and aim to reach that target every month...good luck dear, just sharing my thoughts 😘
❤️
This helped. Ty! I was confused by the video.
Thank you. This formula is good for beginnera
Cheapskates are everywhere. I’m a fine artist that makes ceramics that you can’t find anywhere else, but people look at the price & put it back down. Do I care? No. But you would think when you are in a wealthy neighborhood they would be willing to fork out $20.
This is honestly one of the best videos on here about actually breaking down costs and such. Keep it up. (Do NOT underprice what you are doing...No matter what price you're going with you will find people who think its expensive. Know your value...Good stuff)
Oh wow that’s such a huge compliment! Thank you! ❤️
@@MemoryBoxCandleCo We have been putting together a UA-cam strategy and after multiple videos (not posted) I can tell you its extremely difficult to do videos like this. Again, keep it up! Once we can open our shop again I think we'll begin the UA-cam route. *nervous*
Watching for the first time and you said “I hit 3,000 subscribers last week” 9 months later you’re at 56,000 🙏🙌🏻
Oh ya ppl don’t understand that it’s just that item that you have to charge for. You have taxes, Etsy fees, shipping, printer paper, labels,ink cartridges,packaging, boxes, maintenance, and the list goes on n u have to include all of that in ur price. If u don’t it’s not a business it’s just a really expensive hobby
Family/friends will always say your price is high but will spend that same price at bath and body works.... Always go with YOUR price
I’m so glad I found you. You talk about things no one talks about. So thank you! ❤️🤗
Started my own candle company and I was soooo stressed about how much to charge to not look expensive and all these you mention. Shipping costs and materials, people don't realize how much these materials costs for us.. You helped me a lot, I am not in America, I am based in Europe and thank you for all the information sharing with us
Interesting perspective on including shipping in the cost vs not. It seems like it would be very beneficial, but only if customers are purchasing multiple items. The funny thing is the customer knows they are saving on shipping cost if they buy more, and the seller is making a better margin as well. Its kind of a win win for both parties.
You deserve every one of thos subscribers with your in the know knowledge and upfront advice. Very valuable and it makes me happy you make it available to us.
Thank you so much that’s so kind! ☺️
You've helped me so much with starting my own candle business. I love all your videos and the tips you share. You've mentioned things I never even thought about needing, so thank you for it all! I hope your store continues to grow!
Thank you so much that’s so sweet! ❤️
I honestly love and appreciate that you are so open on your business experiences. I feel like a lot of people want to keep their "formula" top top secret and it makes it so hard to know where to start when you don't have much help. ❤️
The virgo in me is saying to calculate how many labels can one ink cartridge print. So #of pages ink can print divided by cost. Then divide that by # of labels. for example: 100 pages/ $10= 10. 10/50= $.20 per label. Thats just off the top of my head might be a little off. But you can play with it.
But, Thank you so much for sharing this information. You are totally amazing and kind for dropping these gems!! You are much appreciated!!
Thank you! ❤❤❤
I’m watching this today and in 9 months your at over 50,000 congrats
Thank you!!☺️
The girls want to try making small tin candles so I placed a little order for curbside pickup for Wednesday. They are loving your candles! Drive safe!
Awwww that’s sooo cool!! ☺️❤️ I’m so glad! They will have so much fun!
Hi! I am new to candles making. I am very happy to see you! I really appreciate your honesty! I love your advices! I hope you have enough time and energy to enjoy making candles and videos as well! Good luck! 😘
This is so good!! Thank you so much! Listening to what you are saying is basically looking at my own candle making journey! It feels so good to listen to someone that has been going exactly thru what I have so that assures me I'm in the right path and not far off at all!! huge relief!!
Ohh I’m soo glad!! Thank you for watching ☺️❤️
You r so honest and genuine ❤️
I always love your videos! They really help me. You are doing such a good job!
Thank you! And thank you for watching ☺️
I have to watch you videos over and over. Just when you think you know all the info and feeling confident then it’s like oh no what do I do now. I have to go back and watch this video and that one. Oh heck I might as well just go threw them from the beginning. Lol I love all of the videos.
You are awesome!! I really appreciate your honesty with shipping and pricing! It is so beyond helpful to hear as an aspiring entrepreneur! (:
Oh thank you so much for watching! So happy you got value from this video ☺️
Ah yes, the numbers do get a bit skewed when you start factoring in shipping costs and packaging materials. Everything adds up! Probably not including the cost of electricity to print labels and melt wax lol.
Thanks Erica for all the information I’ve been watching your videos for a couple of weeks now and I enjoy every one of them.
U helped me get a wonderful grasp of how to figure out what to consider charging when I launch!
Now your at 113k gurl ur a big inspiration. Thank you and congrats on becoming Mrs.
Thank you! ☺️
You are very inspiring!! Can’t wait to start with my candle business!
Hi Erica! How have the high shipping rates affected your pricing? Are you still offering free shipping on your wax melts? GREAT video! I realize this was two years ago, so I was interested in your current input? I loved your CS year round fragrance review!
Thank you for your honesty on all of your videos,you cover every subject with every detail I need to know,I'm working on and buying supplies and doing lots of research on how to do shipping etc, everything on how to start my own online business for handmade candles & soaps.,you provide a lot of help..thank you so much..
For the printer ink cost, you can estimate how many page it will print (Shd find that info on the cartridge box) take the average cost then multiple by number of page used per parcel. Or consider how long the ink cartridge lasts then take the average against number of goods sold during that time.
So I joined this Etsy Shop course Pricing Masterclass and she gave a great example why you shouldn’t go by what everyone else is pricing on Etsy because you can’t distinguish whether someone is pricing their candle or what ever handmade good you also may be selling as a hobby or as to make an actual profit because they are making candles or handmade goods for a living. So if you see someone price their 8oz candle for $10 you and that person is very well underpricing your candle and or what ever handmade good you decide to sell.
love the video , made my candles with science twist as im an astrophysicist. selling mine locally for $18 . i personally wouldnt buy a $22-$29 candle ,im currently doing deliveries ill be opening up an online store soon fingers crossed, you are kinda charging alot but hey if you get customers that awsome and congrats to you !
How’s the on-line business going for you? Are you making profit at $18 per candle or are you adding on shipping cost when someone is not within walking or driving distance from you?
I love California Supplies. I’ve been dealing with them for years.
I dont know if anyone answered you about the ink cost or not but, I use Instant Ink..........through HP.com......I can print 300 sheets per month for a little over $10 and they know before I do when I'm running out of in in my printer. I know its fix'n to run out when I get ink cartridges in the mail LOL. They have more options as far as the 300 per month, and a lot more compatible printers now. And since I finally am commenting (sorry LOL) I wish you long and wonderful prosperity in your journey........God Bless you young lady.
You’re awesome thanks for all of your help. Your shipping video was so helpful! You deserve the subs, you’re helping people’s lives.
Thank you so much!! So glad it was helpful for you ☺️
This was very helpful, I never knew about the cubic shipping option. Thanks for sharing.
I love your channel so much. The blessing that you are for a lot of people you will be so successful just for being a blessing thank you queen
Thank you so much for these videos.i want you to know that you are appreciated. Ive seen many videos of small business and they just tell you to do your own research (we know to do our own research) but i thank you for giving us a path that helps us.. cause I know at times I don't know where to start, so thank you. I live in Florida and I really want to make candles starting next year and hopefully build a business out of it. So I 100% appreciate you and your videos. Thank you. Have a wonderful weekend 😀 😊
I appreciate all your info. I've been enjoying your videos, thanks for sharing the experience of your ventures!
I a
I really appreciate you for taking the time to help new candle makers.
Thank YOU Etsy fees are the killer though but your building your clients and that’s priceless
Yeah I can’t believe I forget to include them! But you’re right and it’s a good starting point, I’m definitely going to want to have my own website sooner than later though!
What are your suggestions to promote your Etsy shop? Thank you
Thank you Erica! Starting our candle business finishing up a few things before we launch
Thanks for sharing,Im starting my candle testing now.Im learning a lot from your show 😀..
Can you make a video on the legal aspect of a candle business please? Like how you trade marked your name, how you got your insurance etc. :)
Unfortunately I’m not a legal professional so I can’t talk about it, I would recommend to contact a legal professional in your area :)
We’re going to be adjusting our prices over the next couple of months. We haven’t changed the price of our tins since we introduced them and some of our costs have doubled. We generally use the 4* model as we make the majority of our revenue from wholesale so the means we still make 2* our costs.
i have learened so much with you. you amazing!!! God bless u
These videos are super helpful. I'm about to start my own candle business and I needed pricing help bc I am NOT good at math. These videos helped to make my journey a little less daunting lol
I'm also learning how to make candles, thanks a lot for these kind of detailed videos :D It helps a lot :) Thank you.
I would figure out how many sheets of labels I can print out per ink cartridge, then divide the cost of the ink by the number of labels...but that's just be. I have broken down the cost oils down to the drop lol
Thank you so much for this very detailed video. The subjects you’ve mentioned throughout were among a handful of my biggest concerns for my launch. I’m freshly subscribed and I’m ready to dive in and binge ✨❤️
Yayy! Thank you so much for watching! ☺️
HP has a program that they offer called instant ink. I have the 300 pages for 11.99. They send you ink every time you’re running low. May be you can calculate ink that way.
Hey your best to put free shipping and add some amount on your item cost. As some customers will go with a similar item that has free shipping as they think they are getting a bargin.
Good point!
I know this is two years old and many things have changed in your whole process, but I'm wondering: do you still sell in-person for a lower price than you sell online? In the video you mentioned you sold your candles "locally" for $22, but online for $29 (with "free" shipping baked into the online price). So you charge less at fairs/events/pop-ups than for online sales? Thanks for continuing to teach me, Erica. You da bomb diggity. LOL
Please keep making content! I think I’ve watched almost every video 💜
Thank you for watching! ☺️
I stress out a little about pricing. lol I don’t want to price too low, which I think I am currently. But I also don’t want to price too high, I feel bad 🤦🏻♀️ I am nervous to start marketing and selling them to anyone other than my friends and family. lol what if someone isn’t satisfied? That is my biggest fear.
I totally 100% feel you. I have gone through so many struggles just feeling like my candles aren’t good enough. But just think of it this way-its easier to price higher and then slowly lower it if you have to, than price to low and regret that it will be super hard to raise them.
You got this! Confidence will come the more you start to sell outside of your friends/family ❤️
Memory Box Candle Co that’s very true. I will do a bit more research on pricing for candles like mine before I make a decision.
Congrats on the increase of subscribers Erica! Always look forward to your videos because I always learn something new which is super cool. OH and thanks for the pocket gram scale recommendation from Amazon! OMG it is way more accurate compared to the larger digital scale I was using to weigh my wax! So glad I purchased it, I went ahead and purchased it through the link you provide 😉. Thanks again for all the helpful info. 😊❤
Aw thanks so much Yvonne!! I’m so glad the pocket scale worked better for you! I love mine ☺️
Hi Erica! I was wondering how you are able to get your costs down to so little, I’m in the planning stage and have found around $11 cost for 12 oz candles. Not sure how to make it cheaper for me.
Followed you. I’ve started my own line of candles called soyluzcandleco and wanna say thank you for all your information, it REAAAAALLY is helping me out. What I would do as far as the ink is next time you refill the ink keep track of how long it takes you before u have to refill again and average it out for how many days it took... for example 30 days. Cost of ink decided by days used. Idk see what u think
I think you are fresh and as cute as can be! Thank you for sharing.
Thank you for watching!
Thank you for the video ! It is very helpful. Can you please share how you ship one wax melt and what kind of shipping you are using? 4$ for shipping is very good price ! Thank you !
I ship my wax melts in polymailers through first class shipping :)
Memory Box Candle Co thank you so much very kind 😊
I learned from you!
i appreciate all of your videos so much, ty ty ty !
Thank you so much for the information! This helps A LOT!
So many good gems! Thanks for this video!
I am definitely having issues with thinking about pricing. I want to make beeswax candles. Wax is typically 12 dollars a pound but I found a local beekeeper selling for 4 dollars. Calculating the cost, like you showed in another video, I am at 6.5 per candle. Without adding labor x4 puts it at 25.96 without scent for a 10 oz candle. That's roughly 4-5 dollars above other etsy competitors. I am trying to use a wooden wick and a nicer container (yours in matte white instead of black). The competitors are using glass jars and cotton wicks.
Am I too high too compete?
Honestly, this can be really tough because we can be really hard on ourselves when it comes to pricing. I 100% believe that marketing/branding is everything when it comes to pricing. There is something called perceived value, and if you can make your candles look high quality (beautiful jars, high-end labels, luxury descriptions of your candle, and extremely professional and eye-catching photos) then you are able to charge higher.
I would take some time and really research the market and see what people are willing to pay for a candle that is very very similar to yours. It can take a lot of time, and you can feel more pressure to create a “perfect” candle the more money you charge. But its so important to really research the market and figure out if you want to go the higher-end/luxury side of the candle industry. But no I don’t think that’s too high. My 9.5 oz candles are $29 with free shipping, and I don’t really consider myself to be luxury, but I’m a little bit higher end than other candles.
You're amazing with this great info! Subscribed!
Thank you so much!
13:29 Youre thinking of revenue. Profit is the gains after deducting operating expenses.
Do you use a P.O Box address instead of your home address?
no. you can not use a PO box. you can leave out the street address but you have to include state city and zip code.
@@yaloniwilliams5334 of course you can use a P.O. Box address. I did my research after making this comment 7 months ago. I’ve been using P.O. Box this entire time.
I've watched tons and YOU are my FAV!
Question? I want to start a coffee lne, how can I get Candle Science to send me a few samples? I want Starbuck smells. What is your FAV?
Thanks for this Erica, it is the one area I am struggling to get right at the moment and you have really helped......by the way did you factor in the cost of the quick books app lol 😂 xx
Just about to start my candle business and I’m kind of scared because explaining it so different then doing it , I’m afraid I won’t be able to get it when it comes to shipping and all that but I guess I’m going into this hoping this will turn out greats
Thank you!!!! Girl I love your videos!!!
Aww thank you Kiara!!
One consideration is to have a material and handling fee like maybe 3%.
Thank you so much!!! 🙏
What about labor and overhead costs? I didn’t see you include these.
Are you including labor into your cost of candles? I include labor in my cost and multiply by two for wholesale and three for retail.
I have these small containers but they don’t have covers... can I make candles without covers? How can I maintain the scents...
Look into dust covers :)
Omg girl have u heard of the dymo label writer it would save u all that money on ink and shipping labels
I’ve had a dymo for a few years now :)
However I still have to pay for the shipping label itself haha
Hi! thank you for your videos. I know I'm late to the party here, but I just had a question as to where you got multiplying the cost by 4 or why you chose that instead of maybe just doubling the price for example? Thanks again!
Hi! So typically most people do COG x 3 or 4
I decided to do 4 because I want to have room to still make a profit when I do wholesale orders ☺️
Hey Erika,
Do you get all your boxes from uline? Also how are there shipping costs? Trying to find the most economical boxes to ship in.
Yes! I have links in my description to the boxes I use! Their shipping costs are decent, but they’re shipping heavy big boxes so it makes sense that it would be more. Also it depends on how close you live to a distribution center
How do you calculate your expenses for wax melts? Are you just considering the clamshells costs?
I just break down the cost for everything that I use to make them, wax, FO, clamshell, stickers :)
@@MemoryBoxCandleCo ok thank you
Thank you so much for awesome videos!! Shipping is something In worried about. What are your thoughts on designed shipping/mailing boxes?
You’re welcome!
And are you referring to custom brand shipping boxes?
@@MemoryBoxCandleCo YES! I see those a lot in Etsy and other places. They look pretty nice but pricey! I mean you do have to buy a shipping box anyways (which is cheaper) but if I want to offer gift boxes with soaps and candles, and a few other things, would brand shipping boxes better? I think you did say that starting up small is a good idea. I cannot decide if I should just start with candles and soaps then add things at a time?
I feel like it’s all a personal decision! That’s definitely something I’ll want to do in the future, but it’s just not in my budget right now. But if it’s in your budget I say go for it! However I would recommend starting smaller and then gradually growing and building up after you have established what your market is!
@@MemoryBoxCandleCo OK, thanks! Sorry about a lot of questions! Hope you get a lot of sales this week!!
No problem! Thank you!
Have you thought of using craftybase? I’ve been really looking into this program for when I launch. My background is in finance, and QB has always been my go to, but it can be clunky. I am in the process of really drilling down which program I want to use. Maybe look in to this and see if this program is for you.
So which program did you decide to stay with???
i just started to make candles on my website thanks
I haven't finished the video yet. But i have to say that this video is well needed because i was working on the same thing today. About pricing my candles. And i got stressed. I am using coco83 and the candle cost is killing me
I hope me explaining my experience helps you a little bit ☺️
Hi! I'm taking my Candle Business seriously in 2022! How do you do the math to determine how much it cost to make each candle and the shipping supplies, etc?
If someone places an order on your Etsy shop for 3 candles for example, is the shipping cost triple or is it the same as if they had only bought one?
Not sure how it works when you charge shipping separately, I feel like you can adjust the shipping price depending on how many candles are sold, but it would charge them $87 (29 x 3)
do you think about business insurance as a cost to the candle as well or just a completely separate expense ie: the $17/month for quickbooks self-employed? This is a very helpful video. TYSM and congrats on 70k subscribers!
Oh it’s definitely a completely separate cost! :)
And thank you!! 🤍
Thanks Erica! Very helpful. In regards to tax, do you just take this cut out of your profit or would you add as part of the cost?
Hi Larissa! I set aside 25% of my profits for taxes :)
@@MemoryBoxCandleCo can you do a video...unless you already have and I haven't watched it yet....on business set up or taxes...I'm having a tough time with setting up the business side and not sure what all I need to do
Love you channel, want to start a small bussiness, thank you for sharing!🧡
Thank you for watching 😇
This is glorious, I been tryin to find out about "what kind of oil do you use to scent candles?" for a while now, and I think this has helped. You ever tried - Panlijah Inconceivable Position - (should be on google have a look ) ? It is a smashing one of a kind guide for discovering how to become a candle making master and turn a profit without the headache. Ive heard some pretty good things about it and my co-worker got excellent results with it.
So helpful. Thank you
glad i found this page
Hey! Thanks so much for posting this resourceful video.
May I ask why you multiple the cost of one candle to 4?
That’s just a general rule on how to find your retail price :)
so I am a newbie and am just trying to get all my ducks in the row! I've watched tons of your videos and have been using all of your tips and formulas. So my candles, are soy-based wax, with FO, fluorite stones and sea glass. This is literally my first time just diving in and I didn't buy in but too much which is where the pricey stuff came from BUT I am literally at 11.29 a candle! LIKE WTH! I am never going to profit like this. I'm obviously doing something wrong and feel so frustrated.
Very good information for someone who is considering going into business Thanks!
You’re welcome! Thank you for watching :)
Hi Erica,
Do you sell your candles wholesale? If so how much do you sell them for?
I need advice xx
You are charging shipping per item and not per weight...so 4 9oz. candles would be $116 correct, just curious, I wonder if by weight would be much difference?
Wait so how does etsy calculate shipping cost if you have a customer that ordered multiple items? How do they know what package/shipping method you would use depending on the size of the order.
You are amazing!
Do you buy (your supplies) wholesale or retail? Great video!
Wholesale :) thank you!
you're so gorgeous!